Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,586/mo
Lowest payment- Down payment
- $116,840
- Funds due
- $127,234
- Interest + MI left
- $99,596
- First ends
- Jun 2050
Assumption
Assumption + second
$2,286/mo
+$700/mo- Down payment
- $29,840
- Funds due
- $41,527
- Interest + MI left
- $264,604
- First ends
- Jun 2050
New loan
New conventional
$2,416/mo
+$830/mo- Down payment
- $29,840
- Funds due
- $38,210
- Interest + MI left
- $394,446
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,160 | $173,160 | $260,160 |
| Second mortgage | — | $87,000 | — |
| First P&I | $880.43 | $880.43 | $1,801.30 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $142.58 | $142.58 | $52.03 |
| Taxes, insurance & HOA | $562.58 | $562.58 | $562.58 |
| Total housing payment | $1,585.60 | $2,285.62 | $2,415.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,840
Closing costs & prepaids$11,687
Usable credit−$0
Total buyer cash needed$41,527
Earnest money paid−$0
Remaining funds due$41,527
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$388.75
Initial HOA (3 months)$849.00
Prepaid interest, first (2 days)$31.22
Prepaid interest, second (2 days)$42.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 7 moOf the original 30-year loan at 3.290%
Interest already paid$39,667Through Nov 2026
Assumption only · ends Jun 2050$99,596
Assumption + second · ends Jun 2050, second Dec 2056$264,604
New conventional · ends Dec 2056$394,446